Who Pays to Stop Inflation?
We think inflation is bad, but almost nobody can say what it is. The United States has fought it with legal price ceilings, government rationing, a wartime tax that took most of corporate profits, and interest rates high enough to put twelve million people out of work. Every one of those methods worked by sending somebody the bill, and who gets the bill has always been a political choice. This is the cost of our attempts to battle inflation, what worked, what didn’t, and who paid.
